HomeMy WebLinkAboutResolutions - 2014.05.15 - 21330MISCELLANEOUS RESOLUTION #14112 May 15, 2014
BY: FINANCE COMMITTEE, TOM MIDDLETON, CHAIRPERSON
IN RE: DEPARTMENT OF MANAGEMENT & BUDGETNVATER RESOURCES COMMISSIONER -
APPROPRIATION TO LONG-TERM REVOLVING FUND FOR SANITARY SEWER PROJECTS
CONSTRUCTED UNDER CHAPTER 4 OF THE MICHIGAN DRAIN CODE
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to Miscellaneous Resolution *92252, the Oakland County Board of
Commissioners established a Long-Term Revolving Fund for the purpose of providing financing for
specific capital projects as approved by the Oakland County Board of Commissioners with the funds
advanced being recovered through special assessments, or contracts with municipalities or drainage
districts; and
WHEREAS pursuant to Miscellaneous Resolution #89276, interest on loans on such projects
should be computed and compounded quarterly. The rate of interest on the loans should be at an
interest rate no less than the prevailing six-month Treasury Bill rate; and
WHEREAS Miscellaneous Resolution #02019, provided additional funding in the Long Term
Revolving Fund due to increasing demand for various projects bringing the total balance in the Long-
Term Revolving Fund to $1,491,000; and
WHEREAS Miscellaneous Resolution #02019 stated that each project loan shall not exceed
$150,000; and
WHEREAS there have been exceptions to the $150,000 loan amount with the -exception
requested in the specific project resolution; and
WHEREAS requests for a loan or advance is anticipated by the Water Resources Commissioner
to the Board of Commissioners for approval and will include the terms of the loan and/or advance; and
WHEREAS $1,000,000 is requested to provide additional funding for sanitary sewer projects
constructed under Chapter 4 of the Michigan Drain Code, Act 40 of the Public Acts of 1956, as amended,
("Michigan Drain Code") that would then bring the total funding in the Long-Term Revolving Fund to
$2,491,000; and
WHEREAS providing additional funding in the Long-Term Revolving Fund for such projects
reduces the need to bond for such projects which reduces the costs for the various improvements; and
WHEREAS funding is available in the General Fund Assigned Fund Balance titled WRC Long-
Term Revolving Fund (GL Account #383549).
NOW THEREFORE BE IT RESOLVED the Oakland County Board of Commissioners affirms its
commitment to provide funding options by offering loans and advances from the County's Long-Term
Revolving Fund to finance sanitary sewer projects constructed in accordance with Chapter 4 of the
Michigan Drain Code that do not require the issuance of bonds.
BE IT FURTHER RESOLVED that the loan or advance shall be evidenced by an
agreement between Oakland County and the Drainage District that shall be approved by the Department
of Corporation Counsel and subject to approval of the Board of Commissioners.
BE IT FURTHER RESOLVED that funding in the amount of $1,000,000 is to be transferred from
the General Fund Assigned Fund Balance titled WRC Long-Term Revolving Fund (GL Account #383549)
to the Long-Term Revolving Fund for sanitary sewer projects constructed in accordance with Chapter 4
of the Michigan Drain Code approved by the Oakland County Board of Commissioners.
BE IT FURTHER RESOLVED that the FY 2014 budget is amended as follows:
General Fund #10100 FY 2014
Revenue
9010101-196020-665882 Planned Use of Balance $1,000,000
Expense
9010101-196020-788001-46200 Transfer Out $1,000,000
-0-
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Woodward absent.
Long-Term Revolving Fund #46200
Revenue
6010101-155010-695500-10100Transfer In
Expense
6010101-155010-796500 Budget Equity Adjustment
$1,000,000
$1,000,000
$ -0-
Chairperson, on behalf of the Finance Committee, I move the adoption of the foregoing
resolution.
Resolution #14112 May 15, 2014
Moved by Crawford supported by McGillivray the resolutions (with fiscal notes attached) on the Consent
Agenda be adopted (with accompanying reports being accepted).
AYES: Dwyer, Gingell, Gosselin, Hatchett, Hoffman, Jackson, Long, Matis, McGillivray,
Middleton, Quarles, Runestad, Scott, Spisz, Taub, Weipert, Woodward, Bosnic, Crawford. (19)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
I HEREBY APPROVE THIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIK_
ACTING PURSUANT TO MCL 45.559A (7)
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and
accurate copy of a resolution adopted by the Oakland County Board of Commissioners on May 15, 2014,
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 15th day of May 2014.
Lisa Brown, Oakland County